In Brief: HVS Brokerage & Advisory has announced the sale of the 90-key Staybridge Suites Houston – Humble Beltway 8 East, located at 4819 Canyon Lakes Trace Drive in Humble, Texas, to Sahkar Hospitality Corporation.
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Staybridge Suites Houston – Humble Beltway 8 East – Image Credit IHG Hotels & Resorts
The Staybridge Suites Houston – Humble Beltway 8 East, built in 2018, was sold by Houston-based Fresh Start Hospitality LLC to Sahkar Hospitality Corporation of La Mirada, California. The property is located within the Canyon Lakes Shopping Center, near the Wilson Road Exit of Sam Houston Tollway 8, and is surrounded by dining, retail, and entertainment options.
The hotel is approximately four miles from Generation Park, a 4,200-acre mixed-use district featuring retail, office, industrial, and residential components, as well as parks and trails. Local demand generators include the Golf Club of Houston, Lake Houston, Kingwood Medical Center, the Port of Houston, and George Bush Intercontinental Airport (IAH).
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Kyle Peterek, Fadi Rawashdeh, and Daneen Godinet participated in the transaction. Aseem Tandon with Cushman & Wakefield represented the buyer.
The sale followed a previous unsuccessful attempt to sell the property with another broker in 2022. HVS Brokerage & Advisory provided a broker opinion of value and completed the sale within the initial pricing range. The buyer retained the existing management company for the property.
The area is expected to see additional demand from developments such as Eli Lilly & Company’s $5.9-billion pharmaceutical bio-manufacturing facility, scheduled to break ground this year, and HTX Surf, a surfing destination within Generation Park projected to attract over 200,000 visitors annually once operational in 2027.
The transaction generated five competitive offers—four from West Coast buyers and one from a buyer in Dallas. The selected buyer was a 1031-exchange investor. The buyer used an SBA 504 loan, and the sale was completed with no changes to the contract price.
